Wiley Practitioner's Guide to GAAS 2020

Wiley Practitioner's Guide to GAAS 2020

by Joanne M. Flood
Released March 2020
Publisher(s): Wiley
ISBN: 9781119596004

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Book description

A comprehensive guide to GAAS for 2020, covering critical auditing standards, practices, and procedures

Over the last few years, the AICPA has clarified all its professional standards, raising challenges for the accounting professional to stay current and in compliance. This edition will give auditors and accountants the knowledge and understanding they will need to competently perform and successfully complete their engagements. With this valuable resource, readers will have a comprehensive guide to the latest professional standards, practices, and procedures. The Wiley Practitioner's Guide to GAAS 2020 provides an analysis of all SASs, SSAEs, SSARSs, and Interpretations. This one book provides all the most recent revisions to the standards, explaining them in a clear way that’s designed for greater understanding.

Whenever standards are changed, professionals need guidance on conducting engagements efficiently and effectively. This guide to GAAS and other professional standards provides helpful, systematic direction that saves auditors and accountants time and supports them in their jobs. Readers will have a comprehensive view of moving through the process of auditing, reviewing, compiling, and preparing financial statements and performing attestation services. In addition to explanations, readers will get a detailed discussion of current issues and gain the benefits of practice notes, illustrations, checklists, and questionnaires to reference. Practitioners will find:

  • Organization based on the way auditors use the Statements on Auditing Standards, ensuring efficiency and ease of navigation
  • Comprehensive guidance through the auditing process
  • Explanations of all attestation standards
  • Updates and interpretations of Statements on Standards for Accounting and Review Services

The Wiley Practitioner's Guide to GAAS 2020 is a fully updated resource for completing audit, attestation, review, compilation, and preparation engagements successfully.

Table of contents

  1. Cover
  2. Preface—Organization and Key Changes
  3. About the Author
  4. 1 AU-C 200 Overall Objectives of the Independent Auditor and the Conduct of an Audit in Accordance with Generally Accepted Auditing Standards
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C Section 200
    4. Requirements
    5. Complying with GAAS
  5. 2 AU-C 210 Terms of Engagement
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C Section 210
    4. Fundamental Requirements
    5. AU-C 210 Illustration
  6. 3 AU-C 220 Quality Control for an Engagement Conducted in Accordance with Generally Accepted Auditing Standards
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 220
    4. Requirements
  7. 4 AU-C 230 Audit Documentation
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 230
    4. Requirements
    5. Interpretations
    6. AU-C 230 Illustrations
  8. 5 AU-C 240 Consideration of Fraud in a Financial Statement Audit
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C Section 240
    4. Requirements
    5. AU-C 240 Illustrations
  9. 6 AU-C 250 Consideration of Laws and Regulations in an Audit of Financial Statements
    1. Scope
    2. Definition of Term
    3. Objectives of AU-C Section 250
    4. Requirements
  10. 7 AU-C 260 The Auditor’s Communication with Those Charged with Governance
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C Section 260
    4. Requirements
  11. 8 AU-C 265 Communicating Internal Control Related Matters Identified in an Audit
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 265
    4. Requirements
    5. Management Response
    6. Interpretations
    7. AU-C 265 Illustrations
  12. 9 AU-C 300 Planning an Audit
    1. Scope
    2. Objective of AU-C Section 300
    3. Requirements
  13. 10 AU-C 315 Understanding the Entity and Its Environment and Assessing the Risks of Material Misstatement
    1. Scope
    2. Technical Alert
    3. Definitions of Terms
    4. Objective of AU-C Section 315
    5. Overview
    6. Requirements
    7. AU-C 315 Illustrations
  14. 11 AU-C 320 Materiality in Planning and Performing an Audit
    1. Scope
    2. Definition of Term
    3. Objective of AU-C Section 320
    4. Overview
    5. Requirements
  15. 12 AU-C 330 Performing Audit Procedures in Response to Assessed Risks and Evaluating the Audit Evidence Obtained
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 330
    4. Overview
    5. Requirements
  16. 13 AU-C 402 Audit Considerations Relating to an Entity Using a Service Organization
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 402
    4. Requirements
    5. AU-C 402 Illustration—Audit Program for an Auditor’s Review of a Service Auditor’s Report
  17. 14 AU-C 450 Evaluation of Misstatements Identified during the Audit
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 450
    4. Requirements
  18. 15 AU-C 500 Audit Evidence
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 500
    4. Requirements
    5. Interpretations
  19. 16 AU-C 501 Audit Evidence—Specific Considerations for Selected Items
    1. Scope
    2. Objective of AU-C Section 501
    3. Requirements—Investments in Securities and Derivative Instruments
    4. AU-C 501 Illustrations—Investments in Securities and Derivative Instruments
    5. Requirements—Inventory Existence and Condition
    6. AU-C 501 Illustrations—Inventory Observation
    7. Requirements—Litigation, Claims, and Assessments Involving the Entity
    8. AU-C 501 Illustration—Litigation, Claims, and Assessments
    9. Requirements—Segment Reporting
  20. 17 AU-C 505 External Confirmations
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 505
    4. Requirements
    5. AU-C 505 Illustrations
  21. 18 AU-C 510 Opening Balances—Initial Audit Engagements, Including Reaudit Engagements
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 510
    4. Requirements
    5. AU-C 510 Illustrations
  22. 19 AU-C 520 Analytical Procedures
    1. Scope
    2. Definition of Term
    3. Objective of AU-C Section 520
    4. Overview
    5. Requirements
    6. AU-C 520 Illustrations
  23. 20 AU-C 530 Audit Sampling
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 530
    4. Overview
    5. Requirements
    6. Nonsampling Techniques
    7. Nonstatistical Audit Sampling Techniques
    8. Statistical Audit Sampling Techniques
  24. 21 AU-C 540 Auditing Accounting Estimates, Including Fair Value Accounting Estimates and Related Disclosures
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C Section 540
    4. Overview
    5. Requirements
  25. 22 AU-C 550 Related Parties
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 550
    4. Overview
    5. Requirements
    6. AU-C 550 Illustration—Related-Party Checklist
  26. 23 AU-C 560 Subsequent Events and Subsequently Discovered Facts
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C Section 560
    4. Overview
    5. Requirements
    6. AU-C 560 Illustration—Subsequent Events Checklist
  27. 24 AU-C 570 The Auditor’s Consideration of an Entity’s Ability to Continue as a Going Concern
    1. Scope
    2. Definition of Term
    3. Objectives of AU-C Section 570
    4. Responsibility for the Evaluation of the Entity’s Ability to Continue as a Going Concern
    5. Requirements
    6. AU-C 570 Illustration—Going Concern Checklist
  28. 25 AU-C 580 Written Representations
    1. Scope
    2. Definition of Term
    3. Objectives of AU-C Section 580
    4. Requirements
    5. Auditor’s Relationship with a Small or Nonpublic Client
    6. AU-C 580 Illustrations
  29. 26 AU-C 585 Consideration of Omitted Procedures after the Report Release Date
    1. Scope
    2. Definition of Term
    3. Overview
    4. Objectives of AU-C Section 585
    5. Requirements
    6. Determining Importance of Omitted Procedures
    7. AU-C 585 Illustration—Applying the Omitted Procedure
  30. 27 AU-C 600 Special Considerations—Audits of Group Financial Statements (Including the Work of Component Auditors)
    1. Scope
    2. Introduction
    3. Definitions of Terms
    4. Objectives of AU-C Section 600
    5. Overview
    6. Requirements
    7. Interpretations
    8. AU-C 600 Illustrations
  31. 28 AU-C 610 Using the Work of Internal Auditors
    1. Scope
    2. Objectives of AU-C Section 610
    3. Definitions of Terms
    4. Overview
    5. Requirements
    6. AU-C 610 Illustrations
  32. 29 AU-C 620 Using the Work of an Auditor’s Specialist
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C Section 620
    4. Requirements
    5. Interpretations
    6. AU-C 620 Illustrations
  33. 30 AU-C 700 Forming an Opinion and Reporting on Financial Statements
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C Section 700
    4. Requirements Forming an Opinion
    5. Requirements: Auditor’s Standard Report
    6. Requirements: Reports on Comparative Financial Statements
    7. Interpretations
    8. AU-C 700 Illustrations (Source: AU-C 700.58)
  34. 31 AU-C 705 Modifications to the Opinion in the Independent Auditor’s Report
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 705
    4. Requirements
    5. AU-C 705 Illustrations (Source: AU-C 705.A32)
  35. 32 AU-C 706 Emphasis-of-Matter Paragraphs and Other-Matter Paragraphs in the Independent Auditor’s Report
    1. Scope
    2. Definitions of Terms
    3. Objective
    4. Requirements
    5. AU-C 706 Illustrations
  36. 33 AU-C 708 Consistency of Financial Statements
    1. Scope
    2. Definition of Term
    3. Objectives of AU-C Section 708
    4. Requirements
  37. 34 AU-C 720 Other Information in Documents Containing Audited Financial Statements
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 720
    4. Requirements
    5. AU-C 720 Illustration: Other-Matter Paragraph to Disclaim an Opinion on Other Information (from AU-C 720.A13)
  38. 35 AU-C 725 Supplementary Information in Relation to the Financial Statements as a Whole
    1. Scope
    2. Definition of Term
    3. Objectives of AU-C Section 725
    4. Requirements
    5. Interpretation
    6. AU-C 725 Illustrations
  39. 36 AU-C 730 Required Supplementary Information
    1. Scope
    2. Definitions of Terms
    3. Objectives
    4. Requirements
    5. AU-C 730 Illustrations
  40. 37 AU-C 800 Special Considerations—Audits of Financial Statements Prepared in Accordance with Special Purpose Frameworks
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 800
    4. Requirements
    5. AU-C 800 Illustrations (Source: AU-C 800.A36)
  41. 38 AU-C 805 Special Considerations—Audits of Single Financial Statements and Specific Elements, Accounts, or Items of a Financial Statement
    1. Scope
    2. Definitions of Terms
    3. Objective of AU-C Section 805
    4. Requirements
    5. Interpretation
    6. AU-C 805 Illustrations of Auditor’s Reports on a Single Financial Statement and a Specific Element of a Financial Statement (Source: AU-C 805.A25)
  42. 39 AU-C 806 Reporting on Compliance with Aspects of Contractual Agreements or Regulatory Requirements in Connection with Audited Financial Statements
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C Section 806
    4. Requirements
    5. AU-C 806 Illustrations (Source: AU-C 806.A8)
  43. 40 AU-C 810 Engagements to Report on Summary Financial Statements
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C Section 810
    4. Requirements
    5. AU-C 810 Illustrations (Source: AU-C 810.A22)
  44. 41 AU-C 905 Alert That Restricts the Use of the Auditor’s Written Communication
    1. Scope
    2. Definition of Term
    3. Objective of AU-C Section 905
    4. Requirements
    5. AU-C 905 Illustrations
  45. 42 AU-C 910 Financial Statements Prepared in Accordance with a Financial Reporting Framework Generally Accepted in Another Country
    1. Scope
    2. AU-C Definitions of Terms
    3. Objective of AU-C 910
    4. Requirements
    5. AU-C 910 Illustrations (Source: AU-C 910.A11)
  46. 43 AU-C 915 Reports on Application of Requirements of an Applicable Financial Reporting Framework
    1. Scope
    2. Definitions of Terms
    3. Objective
    4. Requirements
    5. Illustration: Illustrative Written Report to the Requesting Party (Source: AU-C 915.A8)
  47. 44 AU-C 920 Letters for Underwriters and Certain Other Requesting Parties
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C Section 920
    4. Overview
    5. Requirements: General
    6. Requirements: Format and Contents of Comfort
    7. Requirements: Commenting-in-a-Comfort-Letter on Information Other Than Audited Financial Statements
    8. Requirements: Other Matters
    9. AU-C 920 Illustrations
  48. 45 AU-C 925 Filings with the U.S. Securities and Exchange Commission under the Securities Act of 1933
    1. Scope
    2. Definitions of Terms
    3. Objective
    4. Requirements
    5. AU-C 925 Illustration: Illustrative Disclosures and Reports (Source: AU-C 925.A15)
  49. 46 AU-C 930 Interim Financial Information
    1. Scope
    2. Definition of Term
    3. Objectives of AU-C Section 930
    4. Requirements
    5. Auditor’s Report
    6. Interim Financial Information Accompanying Audited Financial Statements
    7. AU-C 930 Illustrations
    8. Illustrations of Auditor’s Review Reports on Interim Financial Information (Source: AU-C 930.A57)
    9. Illustrations of Example Modifications to the Auditor’s Review Report Due to Departures from the Applicable Financial Reporting Framework (Source: AU-C 930.A58)
  50. 47 AU-C 935 Compliance Audits
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C Section 935
    4. Requirements
    5. AU-C 935 Illustrations
  51. 48 AU-C 940 An Audit of Internal Control over Financial Reporting That Is Integrated with an Audit of Financial Statements
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C 940
    4. Requirements
    5. Reporting Requirements
    6. AU-C 940 Illustrations
  52. 49 AU-C 945 Auditor Involvement with Exempt Offering Documents
    1. Scope
    2. Definitions of Terms
    3. Objectives of AU-C Section 945
    4. Requirements
  53. 50 AT-C Preface
    1. AT-C Organization
    2. AT-C Preface
  54. 51 AT-C 105 Concepts Common to All Attestation Engagements
    1. Scope and Written Assertion
    2. Objectives
    3. Definitions of Terms
    4. Requirements
    5. Interpretations
  55. 52 AT-C 205 Examination Engagements
    1. Overview
    2. Objectives
    3. Definitions of Terms
    4. Requirements
    5. Interpretations
    6. Illustrations (AT-C 205.A121)
  56. 53 AT-C 210 Review Engagements
    1. Scope
    2. Definitions of Terms
    3. Objectives of Section 215
    4. Requirements
    5. Illustrations—Illustrative Practitioner’s Review Reports
  57. 54 AT-C 215 Agreed-Upon Procedures Engagements
    1. Scope
    2. Definition of Term
    3. Objectives of AT-C Section 215
    4. Requirements
    5. Statement of Position
    6. Illustrations—Illustrative Practitioner’s Agreed-Upon Procedures Reports (AT-C 215.A48)
  58. 55 AT-C 305 Prospective Financial Information
    1. Scope
    2. Definitions of Terms
    3. Objectives—Examination Engagements
    4. Objectives—Agreed-Upon Procedures Engagements
    5. Requirements
    6. Reports
  59. 56 AT-C 310 Reporting on Pro Forma Financial Information
    1. Scope
    2. Definitions of Terms
    3. Objectives of an Examination Engagement
    4. Objectives of a Review Engagement
    5. Requirements
    6. Illustrations
  60. 57 AT-C 315 Compliance Attestation
    1. Scope
    2. Definitions of Terms
    3. Objectives of an Examination Engagement
    4. Objectives of an Agreed-Upon Procedures Engagement
    5. Requirements—Examination Engagements
    6. Requirements: Agreed-Upon Procedures Engagement
  61. 58 AT-C 320 Reporting on an Examination of Controls at a Service Organization Relevant to User Entities’ Internal Control over Financial Reporting
    1. Scope
    2. Definitions of Terms
    3. Objectives of AT-C Section 320
    4. Requirements
    5. Illustration: Type 1 Service Auditor’s Report
  62. 59 AT-C 701 Management’s Discussion and Analysis
    1. Scope
    2. Definition of Terms
    3. Objectives
    4. Requirements: Examination
    5. Requirements: Review
    6. Illustrations
  63. 60 AR-C 60 General Principles for Engagements Performed in Accordance with Statements on Standards for Accounting and Review Services
    1. Scope
    2. Definitions of Terms
    3. Technical Alert
    4. Objectives and Limitations of SSARS Engagements
    5. Fundamental Requirements
  64. 61 AR-C 70 Preparation of Financial Statements
    1. Scope
    2. Objectives and Limitations of Preparation Engagements
    3. Definitions of Terms
    4. Determining the Type of Engagement
    5. Requirements
    6. Illustration—An Engagement Letter for an Engagement to Prepare Financial Statements in Accordance with Accounting Principles Generally Accepted in the United States of America (AR-C 70.A22)
  65. 62 AR-C 80 Compilation Engagements
    1. Scope
    2. Objectives and Limitations of Preparation Engagements
    3. Definitions of Terms
    4. Requirements
    5. Illustrations
  66. 63 AR-C 90 Review of Financial Statements
    1. Scope
    2. Technical Alert
    3. Objectives
    4. Definitions of Terms
    5. Requirements
    6. Illustrations: Review Engagement
  67. 64 AR-C 100 Special Considerations—International Reporting Issues
    1. Scope
    2. Technical Alert
    3. Objective
    4. Definitions
    5. Requirements
    6. Reporting
  68. 65 AR-C 120 Compilation of Pro Forma Financial Information
    1. Scope
    2. Definition of Term
    3. Objectives of AR-C Section 120
    4. Requirements
    5. Illustrations
  69. Appendix A: Definitions of Terms—AU-C Standards
  70. Appendix B: Definitions of Terms—AT-C Standards
  71. Appendix C: Defintions for Preparation, Compilation, and Review—AR-C Standards
  72. Appendix D: Cross-References to SASs, SSAEs, and SSARSs
  73. Appendix E: List of AICPA Audit and Accounting Guides and AICPA Statements of Position—Auditing and Attestation
  74. Appendix F: Other Auditing Publications
  75. Index
  76. End User License Agreement

Product information

  • Title: Wiley Practitioner's Guide to GAAS 2020
  • Author(s): Joanne M. Flood
  • Release date: March 2020
  • Publisher(s): Wiley
  • ISBN: 9781119596004